I have done a simple led chaser circuit using livewire and its perfectly running when i simulate ...i have a question does it give the exact output? i mean can i rely on livewire simulator? ha ha silly question but please let me know your opinions....

For the most part it should work as designed, the logic is the same for instance. though the more kid friendly the simulation is, the more likely it leaves out important details, like decoupling capacitors, etc.

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